BingEx Limited Announces Fourth Quarter and Fiscal Year 2025 Financial Results
Rhea-AI Summary
BingEx (Nasdaq: FLX) reported Q4 2025 revenue of RMB1,001.3 million (US$143.2M) and full-year 2025 revenue of RMB3,992.1 million (US$570.9M), down from RMB4,468.2M in 2024. Full-year net income was RMB109.4M (US$15.6M) and non-GAAP net income was RMB199.4M (US$28.5M). Gross profit margin improved to 11.8% in 2025. Cash and equivalents plus short-term investments totaled RMB951.6M as of Dec 31, 2025. The Board approved a one-year extension of a US$30M share repurchase program; US$9.2M was repurchased as of Mar 16, 2026.
Positive
- Non-GAAP net income of RMB199.4 million in 2025
- Net income of RMB109.4 million in 2025 (turnaround from 2024 loss)
- Cash and short-term investments of RMB951.6 million at Dec 31, 2025
- Board approved US$30.0 million share repurchase program extension
Negative
- Full-year revenue declined 10.7% from RMB4,468.2M to RMB3,992.1M
- Fourth-quarter revenues decreased to RMB1,001.3M from RMB1,028.9M due to lower order volume
- Non-GAAP income from operations fell to RMB92.7M in 2025 from RMB134.3M in 2024
News Market Reaction – FLX
In the Mar 17 session, FLX gained 20.76%, reflecting a significant positive market reaction. Argus tracked a peak move of +15.3% during that session. Argus tracked a trough of -12.5% from its starting point during tracking. Our momentum scanner triggered 27 alerts that day, indicating elevated trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 19 | Q3 2025 earnings | Positive | +11.3% | Q3 2025 profits and margins held up despite lower revenues year over year. |
| Aug 19 | Q2 2025 earnings | Neutral | +0.8% | Q2 2025 revenue declined but margins stayed firm and net income remained positive. |
| May 22 | Q1 2025 earnings | Negative | -1.3% | Q1 2025 saw revenue drop and a net loss despite better gross margin performance. |
| Mar 12 | FY 2024 results | Neutral | +0.8% | FY2024 showed slightly lower revenues but higher gross profit and margin expansion. |
| Nov 27 | Q3 2024 earnings | Positive | -1.8% | Q3 2024 delivered strong gross profit and order growth, yet shares fell afterward. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases often brought modest single-digit moves, with mostly aligned reactions; only one strong fundamental quarter saw a mild negative divergence.
Over the last five earnings releases from Nov 2024 to Nov 2025, BingEx reported recurring revenue pressure but steady margin improvement and periods of solid profitability. Quarterly orders stayed high and prior releases highlighted growing share repurchases and a strong cash position. The current Q4/FY2025 report continues this pattern: revenues declined year-over-year, but gross margins improved, full-year net income turned positive, and the share repurchase program was extended, reinforcing established themes of efficiency and capital returns.
Key Terms
non-gaap financial
ads financial
restricted cash financial
short-term investments financial
long-term investments financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
BEIJING, March 17, 2026 (GLOBE NEWSWIRE) -- BingEx Limited (the “Company”) (Nasdaq: FLX), a leading on-demand dedicated courier service provider in China (branded as “FlashEx”), today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.
Fourth Quarter and Fiscal Year 2025 Highlights:
- Revenues were RMB1,001.3 million (US
$143.2 million ) in the fourth quarter of 2025, compared with RMB1,028.9 million in the same period of 2024. For the year ended December 31, 2025, revenues were RMB3,992.1 million (US$570.9 million ), compared to RMB4,468.2 million in 2024. - Gross profit was RMB107.9 million (US
$15.4 million ) in the fourth quarter of 2025, compared with RMB102.9 million in the same period of 2024. Gross profit margin was10.8% , improving from10.0% in the same period of 2024. For the year ended December 31, 2025, gross profit was RMB469.1 million (US$67.1 million ), compared with RMB490.6 million in 2024. Gross profit margin was11.8% , improving from11.0% in 2024. - Income from operations was RMB2.9 million (US
$0.4 million ) in the fourth quarter of 2025, compared with a loss from operations of RMB152.7 million in the same period of 2024. For the year ended December 31, 2025, income from operations was RMB46.3 million (US$6.6 million ), compared with a loss from operations of RMB25.8 million in 2024. - Non-GAAP income from operations1 was RMB10.5 million (US
$1.5 million ) in the fourth quarter of 2025, compared with RMB7.3 million in the same period of 2024. For the year ended December 31, 2025, non-GAAP income from operations was RMB92.7 million (US$13.3 million ), compared with RMB134.3 million in 2024. - Net income was RMB22.5 million (US
$3.2 million ) in the fourth quarter of 2025, compared with a net loss of RMB294.0 million in the same period of 2024. For the year ended December 31, 2025, net income was RMB109.4 million (US$15.6 million ), compared with a net loss of RMB146.5 million in 2024. - Non-GAAP net income1 was RMB41.6 million (US
$5.9 million ) in the fourth quarter of 2025, compared with RMB20.1 million in the same period of 2024. For the year ended December 31, 2025, non-GAAP net income was RMB199.4 million (US$28.5 million ), compared with RMB201.3 million in 2024. - Net income attributable to ordinary shareholders was RMB22.5 million (US
$3.2 million ) in the fourth quarter of 2025, compared with a net loss attributable to ordinary shareholders of RMB296.8 million in the same period of 2024. For the year ended December 31, 2025, net income attributable to ordinary shareholders was RMB109.4 million (US$15.6 million ), compared with a net loss attributable to ordinary shareholders of RMB260.1 million in 2024. - Non-GAAP net income attributable to ordinary shareholders1 was RMB41.6 million (US
$5.9 million ) in the fourth quarter of 2025, compared with RMB17.2 million in the same period of 2024. For the year ended December 31, 2025, non-GAAP net income attributable to ordinary shareholders was RMB199.4 million (US$28.5 million ), compared with RMB87.6 million in 2024. - The number of orders fulfilled was 63.2 million in the fourth quarter of 2025. For the year ended December 31, 2025, total fulfilled orders amounted to 249.2 million.
Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer of FlashEx, commented, “In 2025, we remained focused on strengthening FlashEx by improving service quality and expanding the scenarios in which our services can create value. At the same time, we actively embraced AI technologies to enhance efficiency across customer service, operations, and product development. As we enter 2026, we will continue to strengthen our signature on-demand dedicated courier business while accelerating the application of AI across our platform, from intelligent dispatching to AI-enabled service management and user interaction. We are also exploring new opportunities in emerging logistics infrastructure, including low-altitude delivery. As the low-altitude economy develops, drone-enabled logistics has the potential to complement our rider network in complex urban and longer-distance scenarios. Through continued technological innovation and disciplined execution, we believe FlashEx is well positioned to capture new market opportunities and drive sustainable growth.”
Mr. Luke Tang, Chief Financial Officer of FlashEx, said, “Throughout 2025, our differentiated, on-demand dedicated courier model and sharp focus on operational efficiency enabled us to maintain stable performance despite intense industry competition. For the full year, we reported net income of RMB109.4 million and non-GAAP net income of RMB199.4 million, marking our third consecutive year of non-GAAP profitability. We closed the year with a robust cash balance of RMB951.6 million. As of March 16, 2026, we have repurchased US
Fourth Quarter 2025 Financial Results
Revenues were RMB1,001.3 million (US
Cost of revenues was RMB893.4 million (US
Gross profit was RMB107.9 million (US
Total operating expenses were RMB105.0 million (US
Selling and marketing expenses were RMB52.0 million (US
General and administrative expenses were RMB35.0 million (US
Research and development expenses were RMB18.0 million (US
Income from operations was RMB2.9 million (US
Non-GAAP income from operations1 was RMB10.5 million (US
Changes in fair value of long-term investments were RMB11.5 million (US
Investment income was RMB27.8 million (US
Net income was RMB22.5 million (US
Non-GAAP net income1 was RMB41.6 million (US
Net income attributable to ordinary shareholders was RMB22.5 million (US
Non-GAAP net income attributable to ordinary shareholders1 was RMB41.6 million (US
Basic net earnings per ordinary share was RMB0.11 (US
Diluted net earnings per ordinary share was RMB0.11 (US
Fiscal Year 2025 Financial Results
Revenues were RMB3,992.1 million (US
Cost of revenues was RMB3,523.0 million (US
Gross profit was RMB469.1 million (US
Total operating expenses were RMB422.8 million (US
Selling and marketing expenses were RMB192.4 million (US
General and administrative expenses were RMB145.9 million (US
Research and development expenses were RMB84.5 million (US
Income from operations was RMB46.3 million (US
Non-GAAP income from operations1 was RMB92.7 million (US
Changes in fair value of long-term investments were RMB43.5 million (US
Investment income was RMB79.0 million (US
Net income was RMB109.4 million (US
Non-GAAP net income1 was RMB199.4 million (US
Net income attributable to ordinary shareholders was RMB109.4 million (US
Non-GAAP net income attributable to ordinary shareholders1 was RMB199.4 million (US
Basic net earnings per ordinary share was RMB0.53 (US
Diluted net earnings per ordinary share was RMB0.52 (US
As of December 31, 2025, cash and cash equivalents, restricted cash and short-term investments were RMB951.6 million (US
________________
1 Non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, non-GAAP operating margin and non-GAAP net income margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliations of GAAP and Non-GAAP Results.”
Update on Share Repurchase
On March 17, 2026, the Board of directors approved a one-year extension of the Company’s existing share repurchase program. The Company is authorized to repurchase up to an aggregate of US
Conference Call
The Company will host an earnings conference call on Tuesday, March 17, 2026, at 8:00PM Beijing Time (8:00AM U.S. Eastern Time) to discuss the results.
Participants are required to pre-register for the conference call at:
https://register-conf.media-server.com/register/BI3cb69ece9b4c43c3bcabef4fd367742d
Upon registration, participants will receive an email containing participant dial-in numbers and a personal PIN to join the conference call.
A live webcast of the conference call will be available on the Company’s investor relations website at http://ir.ishansong.com, and a replay of the webcast will be available following the session.
About BingEx Limited
BingEx Limited (Nasdaq: FLX) is a pioneer in China in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. The company brands its services as “FlashEx,” or “闪送”. FlashEx has become synonymous with on-demand dedicated courier services in China. With a mission to make people’s lives better through its services, FlashEx remains dedicated to consistently providing a superior customer experience and offering a unique value proposition to all participants in its business.
For more information, please visit: http://ir.ishansong.com.
Use of Non-GAAP Financial Measures
To supplement our financial results presented in accordance with U.S. GAAP, we use non-GAAP financial measures, namely non-GAAP income from operations, non-GAAP net income, non-GAAP net income attributable to ordinary shareholders, non-GAAP operating margin and non-GAAP net income margin, as supplemental measures to evaluate our operating results and make financial and operational decisions. Non-GAAP income from operations represents income (loss) from operations excluding share-based compensation expenses. Non-GAAP operating margin is equal to non-GAAP income from operations divided by revenues. Non-GAAP net income represents net income excluding changes in fair value of long-term investments and share-based compensation expenses. Non-GAAP net income margin is equal to non-GAAP net income divided by revenues. Non-GAAP net income attributable to ordinary shareholders represents net income attributable to ordinary shareholders excluding changes in fair value of long-term investments and share-based compensation expenses.
By excluding the impact of changes in fair value of long-term investments and share-based compensation expenses, which are non-cash charges, we believe that non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of certain earnings or losses that we include in results based on U.S. GAAP. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility into key metrics used by our management in its financial and operational decision-making.
Our non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.
Reconciliations of our non-GAAP results to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the non-GAAP financial measures.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.9931 to US
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, these forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Relations Contact
In China:
BingEx Limited
Investor Relations
E-mail: ir@ishansong.com
Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: FlashEx@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FlashEx@thepiacentegroup.com
| BINGEX LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for number of shares and per share data) | |||||||||||
| December 31, | December 31, | ||||||||||
| 2024 | 2025 | ||||||||||
| RMB | RMB | USD | |||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | 592,358 | 561,127 | 80,240 | ||||||||
| Restricted cash | 46,735 | 91 | 13 | ||||||||
| Short-term investments | 153,910 | 390,353 | 55,820 | ||||||||
| Accounts receivable | 16,893 | 36,726 | 5,252 | ||||||||
| Prepayments and other current assets | 48,553 | 45,665 | 6,529 | ||||||||
| Total current assets | 858,449 | 1,033,962 | 147,854 | ||||||||
| Non-current assets | |||||||||||
| Long-term investments | 324,110 | 224,404 | 32,089 | ||||||||
| Property and equipment, net | 3,687 | 1,941 | 278 | ||||||||
| Operating lease right-of-use assets | 44,577 | 25,087 | 3,587 | ||||||||
| Other non-current assets | 4,600 | 3,062 | 438 | ||||||||
| Total non-current assets | 376,974 | 254,494 | 36,392 | ||||||||
| Total assets | 1,235,423 | 1,288,456 | 184,246 | ||||||||
| LIABILITIES | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | 223,391 | 224,090 | 32,044 | ||||||||
| Deferred revenue | 56,768 | 60,541 | 8,657 | ||||||||
| Operating lease liabilities, current | 13,091 | 9,728 | 1,391 | ||||||||
| Accrued expenses and other current liabilities | 165,714 | 145,791 | 20,848 | ||||||||
| Total current liabilities | 458,964 | 440,150 | 62,940 | ||||||||
| Non-current liabilities | |||||||||||
| Operating lease liabilities, non-current | 29,395 | 12,879 | 1,842 | ||||||||
| Total non-current liabilities | 29,395 | 12,879 | 1,842 | ||||||||
| Total liabilities | 488,359 | 453,029 | 64,782 | ||||||||
| Shareholders’ equity | 747,064 | 835,427 | 119,464 | ||||||||
| Total liabilities and shareholders’ equity | 1,235,423 | 1,288,456 | 184,246 | ||||||||
| BINGEX LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for number of shares and per share data) | ||||||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | 2025 | |||||||||||||
| RMB | RMB | USD | RMB | RMB | USD | |||||||||||||
| Revenues | 1,028,877 | 1,001,305 | 143,185 | 4,468,161 | 3,992,067 | 570,858 | ||||||||||||
| Cost of revenues | (925,962 | ) | (893,378 | ) | (127,751 | ) | (3,977,598 | ) | (3,522,968 | ) | (503,778 | ) | ||||||
| Gross Profit | 102,915 | 107,927 | 15,434 | 490,563 | 469,099 | 67,080 | ||||||||||||
| Operating expenses: | ||||||||||||||||||
| Selling and marketing expenses | (90,266 | ) | (51,954 | ) | (7,429 | ) | (223,935 | ) | (192,400 | ) | (27,513 | ) | ||||||
| General and administrative expenses | (84,986 | ) | (35,027 | ) | (5,009 | ) | (148,549 | ) | (145,925 | ) | (20,867 | ) | ||||||
| Research and development expenses | (80,379 | ) | (18,044 | ) | (2,580 | ) | (143,856 | ) | (84,473 | ) | (12,079 | ) | ||||||
| Total operating expenses | (255,631 | ) | (105,025 | ) | (15,018 | ) | (516,340 | ) | (422,798 | ) | (60,459 | ) | ||||||
| Income (loss) from operations | (152,716 | ) | 2,902 | 416 | (25,777 | ) | 46,301 | 6,621 | ||||||||||
| Interest income | 4,681 | 3,498 | 500 | 21,216 | 14,278 | 2,042 | ||||||||||||
| Changes in fair value of long-term investments | (154,039 | ) | (11,517 | ) | (1,647 | ) | (187,725 | ) | (43,526 | ) | (6,224 | ) | ||||||
| Investment income | 762 | 27,758 | 3,969 | 4,203 | 79,008 | 11,298 | ||||||||||||
| Other income | 7,321 | 20 | 3 | 41,672 | 13,645 | 1,951 | ||||||||||||
| Income (loss) before income taxes | (293,991 | ) | 22,661 | 3,241 | (146,411 | ) | 109,706 | 15,688 | ||||||||||
| Income tax expense | (1 | ) | (202 | ) | (29 | ) | (69 | ) | (277 | ) | (40 | ) | ||||||
| Net income (loss) | (293,992 | ) | 22,459 | 3,212 | (146,480 | ) | 109,429 | 15,648 | ||||||||||
| Accretion of redeemable convertible preferred shares to redemption value | (2,831 | ) | - | - | (113,658 | ) | - | - | ||||||||||
| Net income (loss) attributable to ordinary shareholders | (296,823 | ) | 22,459 | 3,212 | (260,138 | ) | 109,429 | 15,648 | ||||||||||
| Net earnings (loss) per ordinary share | ||||||||||||||||||
| – Basic | (1.49 | ) | 0.11 | 0.02 | (2.51 | ) | 0.53 | 0.08 | ||||||||||
| – Diluted | (1.49 | ) | 0.11 | 0.02 | (2.51 | ) | 0.52 | 0.07 | ||||||||||
| Weighted average number of shares outstanding used in computing net earnings (loss) per ordinary share | ||||||||||||||||||
| – Basic | 199,130,925 | 204,828,855 | 204,828,855 | 103,695,655 | 207,133,005 | 207,133,005 | ||||||||||||
| – Diluted | 199,130,925 | 206,213,466 | 206,213,466 | 103,695,655 | 208,554,152 | 208,554,152 | ||||||||||||
| BINGEX LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands, except for number of shares and per share data) | ||||||||||||||
| Three months ended December 31, | Year ended December 31, | |||||||||||||
| 2024 | 2025 | 2025 | 2024 | 2025 | 2025 | |||||||||
| RMB | RMB | USD | RMB | RMB | USD | |||||||||
| Income (loss) from operations | (152,716 | ) | 2,902 | 416 | (25,777 | ) | 46,301 | 6,621 | ||||||
| Add: Share-based compensation expenses | 160,027 | 7,595 | 1,086 | 160,027 | 46,430 | 6,639 | ||||||||
| Non-GAAP income from operations | 7,311 | 10,497 | 1,502 | 134,250 | 92,731 | 13,260 | ||||||||
| Operating margin | - | 0.3% | - | 1.2% | ||||||||||
| Add: Share-based compensation expenses as a percentage of revenues | ||||||||||||||
| Non-GAAP operating margin | 0.8% | 1.1% | 3.0% | 2.4% | ||||||||||
| Net income (loss) | (293,992 | ) | 22,459 | 3,212 | (146,480 | ) | 109,429 | 15,648 | ||||||
| Add: Changes in fair value of long-term investments | 154,039 | 11,517 | 1,647 | 187,725 | 43,526 | 6,224 | ||||||||
| Add: Share-based compensation expenses | 160,027 | 7,595 | 1,086 | 160,027 | 46,430 | 6,639 | ||||||||
| Non-GAAP net income | 20,074 | 41,571 | 5,945 | 201,272 | 199,385 | 28,511 | ||||||||
| Net income (loss) margin | - | 2.2% | - | 2.7% | ||||||||||
| Add: Changes in fair value of long-term investments as a percentage of revenues | ||||||||||||||
| Add: Share-based compensation expenses as a percentage of revenues | ||||||||||||||
| Non-GAAP net income margin | 2.0% | 4.2% | 4.5% | 5.0% | ||||||||||
| Net income (loss) attributable to ordinary shareholders | (296,823 | ) | 22,459 | 3,212 | (260,138 | ) | 109,429 | 15,648 | ||||||
| Add: Changes in fair value of long-term investments | 154,039 | 11,517 | 1,647 | 187,725 | 43,526 | 6,224 | ||||||||
| Add: Share-based compensation expenses | 160,027 | 7,595 | 1,086 | 160,027 | 46,430 | 6,639 | ||||||||
| Non-GAAP net income attributable to ordinary shareholders | 17,243 | 41,571 | 5,945 | 87,614 | 199,385 | 28,511 | ||||||||
